Quick Summary:
This week really showed investors how crucial it is not to put all your eggs in one basket. DCX lost 20.24%. We managed to finish with -1.85% in total and an identical NAV change due to no share buybacks or other changes. Investor confidence is very strong and current investors can call themselves lucky for being on board once again. The current volatility with some stocks is also evened out a bit because of the use of the the 7d Avg for valuation. A current day indication would place ASICMINER lower, but also LABCOIN and LTC-GLOBAL significantly higher.
September is around the corner and IPO plans/fund restructuring will be finished in mid September. I announced last week already that there won't be many news about this in the next two weeks, so please bear with us and prepare for an interesting September. I can only repeat that we are operating as normal during this phase, as you can see. We still have approvals from all three exchanges to IPO as soon as we are ready for it.
Balance Sheet:
https://docs.google.com/spreadsheet/ccc?key=0AgLGW6ARhmFLdDVyLUFPYjBHX0FIWWxXTy1Bc09uaVE&usp=sharing (Please note that the format is not final, still tweaking a few things here and there. Columns "E" and "I" are hidden for a clearer view.)
Comments:
- Our latest key investment in LTC-GLOBAL has helped a great deal with strengthening the portfolio. Meanwhile, voting rights have kicked in (happens automatically 7 days after purchasing the 10th share)
- ASICMINER crashed, giving us an opportunity to more than double up our amount of shares at attractive prices. Last time we saw this was beginning of June and we decided to buy on "bad" news, being confident that things (meaning dividends) will improve soon. Remember that the winner in economic downturns is the one that still has funds to invest when market bottoms are reached
- Ciphermine is not unfolding any of its potential yet as expected, mainly because of the hardware shipping issues (Avalon), LTC/BTC price and one of their large, early-stage investors choosing to liquidate some of his holdings in CipherMine for personal reasons. As Kate stated, this is not a reflection on the quality nor merits of the security. It is unfortunate that a relatively small volume can cause very large price movements in such an illiquid marketplace though. This is still an early stage and will unfold as we move forward and continue to support them
- Management fee from this week has been fully reinvested, while we operate in private mode
- Please note that dividends per share are still quite low and will be reinvested before IPO, this is due to the reason that we did not invest all of the additional coins. As discussed previously, we will not invest in just anything because excess coins are available
- No tips this week
Again, I would like to thank everyone for their trust, the great support, criticism and questions that we received. I hope to be able to meet everyone's expectations in the long run!